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EX-31.1 - CERTIFICATION - Jetblack Corpjtbk_ex311.htm
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v2.4.0.6
INCOME TAXES
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
NOTE 5 - INCOME TAXES

Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss (“NOL”) carryforward. No net provision for refundable federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized.

 

The provision for refundable federal income tax consists of the following:

 

  August 31, 2012   August 31, 2011  
Federal income tax provision (benefit) attributable to:        
     Current operations   $ 9,100     $ 6,600  
     Less, change in valuation allowance     (9,100 )     (6,600 )
Net provision (benefit)   $ -     $ -  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

 

  July 31, 2012   July 31, 2011  
Deferred tax asset attributable to:        
    Net operating loss carryover   $ 61,500     $ 52,400  
    Less, valuation allowance     (61,500 )     (52,400 )
Net deferred tax asset   $ -     $ -  

 

As at August 31, 2012, the Company had an unused net operating loss carryover approximating $182,000 that is available to offset future taxable income expiring beginning in 2022.

 

Federal tax regulations impose certain annual limitations on the utilization of net operating loss from prior periods when a defined level of change in the stock ownership of shareholders is exceeded. If a corporation has a statutory defined change of ownership, its ability to use its existing net operating loss could be limited by Section 382 of the Internal Revenue Code depending upon the level of future taxable income generated in a given year and other factors. These regulations may limit the Company’s ability to use existing net operating loss to fully offset taxable income in future periods.